SMM Morning Comment For Nickel Market On August 8

Published: Aug 8, 2023 10:01

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SHFE 2309 nickel contract opened at 169,090 yuan/mt at the night session on August 7, and closed at 166,080 yuan/mt, down 3890 yuan/mt.

SHANGHAI, Aug 8 (SMM) –

SHFE 2309 nickel contract opened at 169,090 yuan/mt at the night session on August 7, and closed at 166,080 yuan/mt, down 3890 yuan/mt. Trading volume fell by 5089 lots, and open interest decreased by 718 lots.

Affected by the fading positive macroeconomic sentiment, SHFE nickel prices fluctuated downward yesterday. From a fundamental point of view, the downstream market continued to consume inventory previously due to the impact of the high nickel price and didn’t make large purchases. But the current decline in nickel prices encouraged the downstream demand to pick up yesterday, and the overall spot market transaction atmosphere warmed up. In summary, it is expected that the subsequent nickel price may fluctuate.

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